The Central Bank of Nigeria (CBN) has confirmed that eight out of the country’s 26 commercial banks have fully complied with its revised minimum capital requirement as the March 2026 deadline approaches.
CBN Governor Olayemi Cardoso disclosed this during a press briefing in Abuja on Tuesday, following the Monetary Policy Committee (MPC) meeting where the interest rate was also reviewed.
“Eight banks have fully met the recapitalization requirements, while others are making progress towards meeting the deadline,” Cardoso stated.
The apex bank had in 2023 issued a directive requiring Nigerian banks to increase their minimum capital base by up to tenfold, depending on their license category.
The policy is aimed at reinforcing financial sector resilience amid macroeconomic headwinds like rising inflation, naira depreciation, and foreign exchange volatility.
According to CBN data, Nigeria has 26 licensed commercial banks.
Industry stakeholders have described the recapitalization programme as a necessary response to current economic pressures and a strategic move to ensure that Nigerian banks maintain adequate capital buffers in line with global standards.
Leading financial institutions such as Access Holdings Plc and Zenith Bank Plc have publicly declared compliance with the new capital requirements.
Meanwhile, several mid-tier and smaller lenders, including Providus Bank Ltd. and Unity Bank Plc, have announced plans to explore mergers and acquisitions to meet the capital threshold.
The recapitalization policy, which requires commercial banks with international licenses to raise their minimum capital base to ₦500 billion, national banks to ₦200 billion, and regional banks to ₦50 billion, is expected to reshape the competitive landscape of the Nigerian banking industry.
Cardoso emphasized that the banking sector continues to demonstrate stability and resilience, and the ongoing recapitalization process will further enhance investor confidence and long-term economic sustainability.
“The industry remains strong, and the recapitalization will only deepen its soundness and readiness to support economic growth,” he added.
Market analysts expect increased capital market activity in the coming months as banks pursue public offers, rights issues, and strategic partnerships to meet the CBN’s capital benchmark.
The central bank has maintained that it will not grant extensions beyond the March 2026 deadline and has urged all banks to submit clear capital-raising plans for regulatory review.
The CBN also reiterated its commitment to ensuring that all recapitalization efforts are transparent and in compliance with existing banking regulations.
